Mortgage Applications Increase Following Brief Pause in Rate Hikes
As one form of activity remains low, mortgage applications drive weekly increase.
According to Mortgage Professional America, “Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower,” said Joel Kan, MBA’s vice president and deputy chief economist. “The 30-year fixed rate saw the largest single-week decline since July 2022, dropping to 6.9%. Application activity, adjusted to account for the Veterans Day holiday, increased in response to the drop in rates.”